Pratap Kondamoori Explains How Technology Has Influenced Business Over the Last Decade
For almost as long as we have existed, technological advancements have happened alongside human evolution. Technology is always continually progressed — but these days, it’s plunging forward at a rate never imagined. Now, almost as soon as a new breakthrough is made, tomorrow’s inventors transform it in new and unimaginable ways.
For the past ten years, technology has been moving forward at an exponential speed; our lives now are drastically different because of the advancements that have occurred between 2010 and 2020. Perhaps the realm most dramatically impacted — according to entrepreneur and investor Pratap Kondamoori — is the business sector. Never in history have so many advancements been made in such a comparatively short period of time, changing nearly every aspect about how successful businesses operate.
Capitalizing on Big Data
The term “big data,” referring to extremely large sets that are generally analyzed with the help of computer software, was coined in 2005, but it wasn’t until quite recently that successful companies across the board began to understand its power, capitalizing on it to improve and inform their business decisions.
Today’s tech allows marketers better insight into consumer markets than ever before possible, which has also increased the effectiveness of advertising techniques. Before the innovation of data-gathering technology, companies could hypothesize about the motives and demographic specifics of their consumers, but with the use of big data they can now pinpoint and capitalize on them. Access to that information has truly revolutionized how businesses (and entire industries) operate.
Now, companies can better pinpoint their target audience, understand their unique needs, and engage with them individually. Big data gathered by modern tech has also allowed marketing teams to create content that is personalized, and customer focused. According to Pratap Kondamoori, that means that today’s businesses are better able to cater to their clients’ needs than those which existed even as recently as the early 2000s.
While the early 2000s saw the emergence of review sites, directories and crowd-sourced review forums didn’t gain widespread use until after 2010. The growing popularity of internet-enabled smart phones made it possible for everyone’s voice to be shared and immediately heard — which gave way to the explosive rise of internet reviews.
Now, consumers can intricately examine both companies and products based on other’s past experiences and opinions, allowing them to make more informed purchase decisions. In the modern-day market, no purchase is blind; we use review sites for everything from picking a home developer to deciding where to eat for dinner.
The result, according to Pratap “Bob” Kondamoori, is a rising demand for transparency in business practices. Given the increasing popularity of third-party review sites, consumers now hold more leveraging power — and they’re using it to hold businesses accountable in a way never possible. This shift has led to an increased focus on customer satisfaction and business models that convey straightforward honesty to their consumers.
The Rise of Influencer Marketing
Invented in 2004, Facebook didn’t explode with popularity until 2009. In a matter of years, new platforms like Instagram and Twitter would also begin gaining traction. As these platforms exploded with popularity between 2011 and 2013, select users gained thousands (and sometimes millions) of followers.
By 2014, social media became more than a simple pastime. As technology advanced, mobile devices evolved, and media platforms became increasingly engaging, consumers became more and more invested. Noting the shift as an opportunity for advancements, many businesses began moving away from traditional advertising techniques to explore influencer marketing: a tactic focused on using public figures (like those with considerable online followings) to convey a brand’s message.
In comparison to more traditional marketing methods, influencer marketing gave businesses a human touch, helped them gain credibility, and allowed them intimate access to highly niche markets. The results were astounding. Now, influencer marketing is one of the most popular (and successful) business marketing methods, used by garage startups and multi-billion-dollar conglomerates alike — something Pratap Kondamoori believes shows no signs of changing.